CBRE Announces Sale of Multifamily Property in La Jolla for $3.01 Million
17 Nov 2020
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San Diego – CBRE announced the sale of a six-unit apartment community in La Jolla to a private buyer for $3.01 million.
CBRE’s John Newton represented the seller, a private investor, in the transaction. The buyer was represented by an outside firm.
Located at 7670 La Jolla Boulevard, the 4,224 square-foot property is comprised of four one-bedroom apartments and two studio apartments. The community is walking distance from the beach.
“Despite the pandemic and political uncertainly, buyers were willing to get aggressive on terms and offer over list price. This is illustrative of investor appetite for prime coastal locations, regardless of market volatility,” said Newton.
He added, “The La Jolla submarket is highly prized and always experiences low transaction volume. That was especially true in 2020, as only two deals have transacted year-to-date, both represented by our team.”
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas, is the world’s largest commercial real estate services and investment firm (based on 2021 revenue). The company has more than 105,000 employees (excluding Turner & Townsend employees) serving clients in more than 100 countries. CBRE serves a diverse range of clients with an integrated suite of services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.